Reliance Industries Ltd has reiterated its commitment to a diversified crude sourcing strategy to ensure refinery stability. In response to evolving Western sanctions on Russian oil, the company will recalibrate operations, comply with EU and Indian regulations, and maintain supplier relationships while assessing new compliance requirements.
Reliance Industries Ltd (RIL), India’s largest private refiner and a major importer of Russian crude, has issued a comprehensive statement addressing its approach to recent global sanctions targeting Russian oil exports. The company emphasized its confidence in a diversified crude sourcing strategy that ensures operational reliability at its Jamnagar refinery complex.
Following sweeping sanctions imposed by the U.S., EU, and UK on Russian energy giants Rosneft and Lukoil, Reliance confirmed it is actively assessing the implications and adapting its supply contracts and refinery operations to meet new compliance standards. The company also pledged full adherence to applicable sanctions and regulatory frameworks, including EU fuel supply regulations and any guidance issued by the Indian government.
Key Highlights:
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Strategic Adaptation: Reliance will recalibrate its Russian crude imports to remain compliant with evolving international sanctions.
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Operational Assurance: The company’s diversified sourcing model will continue to support refinery stability and reliability.
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Regulatory Commitment: RIL reaffirmed its record of compliance with global and domestic regulatory frameworks, including EU fuel supply rules.
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Supplier Relations: Despite changing market conditions, Reliance aims to maintain strong relationships with its suppliers.
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Government Alignment: The company stated it will fully comply with any directives from the Indian government regarding crude sourcing and refinery operations.
This proactive stance underscores Reliance’s agility in navigating geopolitical shifts while safeguarding its operational integrity and global partnerships.
Sources: Business Today, News18 Moneylife Economic Times